Budget 2017 : IT Reduced By 5% For Income Upto Rs. 5 Lakh

Budget 2017 : Income tax reduced by 5% for Income upto Rs. 5 lakh

NEW INCOME TAX RATES 2017-18 (ASSESSMENT YEAR 2018-19)  

All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board

10% Surcharge on individuals with income between 50 lakh to 1 Crore

Surcharge of 10% for individuals earning between Rs 50 lakh- 1 crore; Surcharge for incomes > Rs 1 crore at 15% to continue

A single one-page form for filing IT returns for taxable income up to 5 lakh rupees

Tax on income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent

Time period of revising tax return to be reduced to 12 months